Japanese stocks decline as yen firms

SarahTurner

SYDNEY (MarketWatch) -- Japanese stocks declined on Wednesday, with the Nikkei Stock Average
NIK, +0.30%
down 1% at 10,766.99, backing away from a multi-year high reached in the previous session. The losses for the index Wednesday coincided with some strength for the Japanese currency against the dollar, with the dollar buying 88.72 yen in early Asia trading from ¥88.92 in late North American action on Tuesday. That move worked to send automakers and other top Japanese exporters lower, with Mazda Motor Corp.
7261, +0.89%MZDAF, +0.53%
down 2.1%, Honda Motor Co.
7267, +1.53%HMC, +7.30%
down 1.7% and Sharp Corp.
6753, +0.00%SHCAF, -11.43%
down 2.4%, among notable decliners. Retailers were also weak, with Uniqlo owner Fast Retailing Co.
9983, -0.90%FRCOF, +5.19%
down 3.9% in early action.

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